How it's done
The business climate is the general economic environment that local businesses operate in. Reviewing and understanding the local business climate provides valuable insights about the economy, costs, risks, and incentives that may impact the success of your business. This activity will guide you to better understand the business climate in Lacombe and help you answer the following fundamental questions.
What is the business climate in Lacombe?
We have compiled the most important aspects of Lacombe’s business climate as an interactive dashboard below. This dashboard provides valuable economic, resident, household, dwelling and development indicators that may influence the success of your business.
Resident Indicator Population Growth Chart
What costs and assistance should I know about?
Whether you have a new or existing business it is critical to be aware of costs, incentives and grants that impact your business. This dashboard provides you with a snapshot of the major costs of conducting business in Lacombe and assistance available to Lacombe businesses.
Provincial Tax Rates
No business tax. There is no business tax in Lacombe but businesses do pay tax on the property they own. The taxation year runs from January through December. Annual tax notices are mailed out in May while payment is due by the end of June. More information can be found here .
The taxation year runs from January to December. Tax rates will be updated each year in May once the tax bylaw is approved by City Council. View Lacombe's current tax rates here .
Offsite levies are charged for the purpose of reimbursing the City for the infrastructure costs associated with new developments where the subdivision of land is required. For more information on our offsite levy rate structure, please contact (403) 782-1268.
Lacombe’s wage and salary rates are competitive with the rest of Canada and with the United States. When total compensation rates are compared, Lacombe and Alberta provide even more of a cost advantage compared to the U.S., largely because of publicly funded health care. A summary of the average hourly earnings for the Lacombe CMA is shown in the table below.
Businesses in the City of Lacombe benefit from:
No provincial sales tax
No payroll tax
No inventory tax
No health care premiums
Lower personal income tax rates
The lowest fuel tax among provinces
Provincial small business income tax rate of just 2%
Starting Jan. 1, 2017, the small-business tax rate in Alberta will be cut from three per cent to two per cent — giving Alberta the second-lowest small-business tax rate in the country, tied with Saskatchewan.
Provincial corporate income tax rate of 12%
How do I use this information?
Having access to business climate statistics and information is one thing, but it's quite another to use data effectively and in a way that will benefit your business. This next section will help you do just that. Learn how to use this information to make better business decisions.
Monitor the local business climate
On-going assessment of the business climate is an essential part of operating a competitive business. In any business climate, there are numerous factors outside your control that will impact your business, both positively and negatively. The health of the economy impacts all businesses, but small businesses usually feel the effect of economic changes faster than big businesses. Improvements in the economy typically provide a rapid increase in new opportunities for small businesses, while an economic downturn can have a significant and prolonged negative impact.
Unfortunately, you can’t influence the economy, but you can monitor the business climate indicators provided above and then take the necessary actions to minimize risks to your business. Staying up to date with the business climate can also help you identify new opportunities that your business can take advantage of.
Know your costs
All industries are unique and incur different types of costs when starting or operating. Understanding these costs is essential when it comes to setting prices, budgeting and planning for growth or downturns. We’ve provided some of the local costs associated with taxes, development and labour that often get overlooked by businesses. There may be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Where can I learn more about the business climate?
While we are providing you with a range of valuable information about the business climate, the fact is that there's much more available. In this section we provide you with links to other websites that will supplement our information and help to keep your finger on the pulse.
There may also be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Alberta Economic Dashboard
Alberta's Treasury Board and Finance